On Pins and Needles! Pinterest’s Promising New Market Insights
Ben Silbermann is the CEO and visionary co-founder behind the company, Pinterest, which has grown from 500 users in 2010, to 17 million currently.
It’s been clear for some time that Pinterest has the potential to be an invaluable tool for marketers. Social media is becoming more and more visual, and having a way to share this visual information (aka Visual Storytelling) is essential for reaching audiences online. We process visuals 60,000 times faster than text, which is why studies have shown that Pinterest is more effective at driving sales than other forms of social media. Jetsetter and Nordstrom are great examples of this.
Pinterest is one of the best ways for a company to set up a visual online storefront to support their ecommerce site, but up until now it’s been difficult to track engagement, conversions, and re-pins to determine the activity strategies gaining the most traction among a customer base. You might pin a product from your company — say, a vacuum cleaner — and that pin may be re-pinned 100 times. But how many of those pinners actually clicked through to your site, and furthermore, how many of those pinners actually purchased that vacuum?
Enter Pinterest’s newest business initiative, aimed at helping users better analyze their Pinterest activity. Though the social media tool has yet to incorporate true conversion tracking as part of its analytics, the company has partnered with a group of technology providers including HootSuite, Tailwind, Curalate, SalesForce, Spredfast, Piqora, and Percolate to provide insight into the relationship between Pinterest activity, traffic, and conversions. It’s unclear when the initiative will fully roll out, but Pinterest has promised that businesses already working with the affiliated partners will receive additional insights soon.
Social Media is an essential component to results-oriented marketing strategies. It is important to understand that “having a social media presence” means much more these days than simply tending to a Facebook or Twitter account.
We’re pumped to see how this initial Pinterest program will influence this tool’s business initiatives moving forward. One thing’s for sure: If your company isn’t on Pinterest, there’s no time like the present to try it out, especially now that you can see some ROI. The future of this tool is looking super bright. You dig?
If you dig it, Acro Media can help you build a social media strategy that will encourage brand engagement and enrich your understanding of your customers. Contact us today!